Major corporations have announced significant layoffs in 2024.
Below, we outline some household-name companies that have done layoffs this year, illustrating the broader implications for the labor market and corporate strategy.
Citibank
Citibank has embarked on an ambitious restructuring in 2024, seeking to streamline operations and manage declining revenues.
Initially aiming to reduce headcount by 5,000 in early 2024, Citi exceeded its target, ultimately letting go of 7,000 employees in the first quarter alone.
This reduction comes as part of a strategic overhaul that will see managerial layers condensed from thirteen to eight. Subsequent waves of layoffs are set to target divestments and technology departments, impacting an estimated additional 15,000 employees by 2026, with a total reduction of 22,000 expected company-wide.
Dell
Dell Technologies is also implementing large-scale layoffs in response to advancements in artificial intelligence.
As the company pivots to establish a more AI-centric structure, roles deemed replaceable by AI have been slated for elimination.
“We anticipate these actions will result in a continued reduction in our overall headcount,” the company’s related 10-Q SEC filing reads.
This move, announced to employees on August 6, will result in the layoff of over 12,000 employees. Cuts are concentrated in sales and marketing.
IBM
IBM filed WARN notices for major workforce reductions as recently as September 17, 2024. The layoffs are a part of a broader effort to achieve $10 billion in cost savings by 2025.
A company press release states that approximately 15,000 positions, or 15% of IBM’s workforce, will be cut. The company cites a need to “drive greater efficiency, improve our profitability and enhance our market competitiveness” as drivers behind the decision.
Cisco
In August, a Cisco filing with the SEC announced its intentions to reduce its workforce by over 4,000 positions—approximately 5% of its employees—following a previous round of layoffs in February that impacted 5,000 workers.
Facing an 18% year-over-year decline in profits, Cisco aims to increase efficiency by prioritizing AI capabilities.
Tesla
Electric vehicle leader Tesla will be reducing its workforce by 10%, impacting around 14,000 employees.
“As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally,” CEO Elon Musk writes in a memo to employees. “There is nothing I hate more, but it must be done.”
GoPro
Facing a downturn in profits, which are down 22.7% year-over-year, GoPro plans a 15%—or approximately 135 employees—reduction in workforce. The company says the layoff is part of its 2024 cost-saving measures, according to an August SEC filing.
The company expects to complete layoffs by the year’s end.
NerdWallet
Financial advisory and comparison company NerdWallet announced plans to reduce its workforce by 15%, affecting over a hundred employees, as it seeks to align resources with long-term strategic goals.
“The plan will reduce the size of the Company’s workforce by approximately 15% of its full-time employees as compared to its headcount as of December 31, 2023”, the company’s related 8-K SEC filing reads.
Redbox
With streaming services heating up and widescale adoption, movie rental kiosk company Redbox filed for Chapter 11 bankruptcy in July 2024.
The restructuring will result in the shutdown of operations and the layoff of over 1,000 employees.
Layoffs in 2024 are disproportionately in the tech and finance sectors.
They underscore the significant adjustments many organizations are undertaking to remain resilient in a changing economic landscape.
